If you die without a will, you will die "intestate", and state law will determine the fate of your assets. The executor should be someone you trust and who is willing to accept the responsibility. In a will, the testator names an executor to carry out the distribution of the estate. The core of any estate plan is the last will and testament, which details where the testator (the person writing the will) would like his property to go after his death. You may not need all of the documents discussed, but by considering the items on this list, you can get the process moving. With a solid estate plan, you can make your wishes clear and handpick the people you want to be responsible for both handling your estate and making decisions on your behalf.īelow is a short estate planning checklist. Signing Requirements – A certification of the Trust must be signed by one or more of the trustees and a Notary Public.No matter your age or financial status, having a comprehensive estate plan is a must.Īn estate plan allows you to express what you want to happen should you become incapacitated, as well as make sure your possessions end up in the right hands after your death.During their lifetime, the grantor continues to benefit from their assets, and at the time of their death, all of the assets held by the Trust will be distributed to its beneficiaries without probate. Ī Living Trust (Revocable) is similar to except for the fact that the individual who makes it (the grantor) transfers the ownership of the assets to the Trust as a separate entity. Signing Requirements – Must be signed by at least two (2) witnesses.When the testator dies, their estate will be divided among the beneficiaries according to the Will’s specifications after the Will has been proven in court (probate). The Last Will and Testament is a legal instrument in which an individual (the testator/settlor) bequeaths their property to a list of named beneficiaries as specified within the document. An individual may choose to use one (1) or both options to administer their estate. There are two (2) options that residents can choose to distribute their estate and property the Last Will and Testament and the Living Trust.
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